In the fourth quarter of fiscal 2019, Griffon modified its reportable segment structure to provide investors with improved visibility after a series of portfolio repositioning actions which included the divestiture of the Plastics business, the acquisition of ClosetMaid and its subsequent integration into AMES, and the acquisition of CornellCookson by Clopay. The prior year amounts have been recast to reflect the change in the reporting segments in the current year. Griffon now reports it operations through three reportable segments from continuing operations, as follows:

On November 16, 2017, Griffon announced it entered into a definitive agreement to sell Plastics and on February 6, 2018, completed the sale to Berry for $465,000, net of certain post-closing adjustments. As a result, Griffon classified the results of operations of the Plastics business as discontinued operations in the Consolidated Statements of Operations for all periods presented and classified the related assets and liabilities associated with the discontinued operations in the consolidated balance sheets. All results and information presented exclude Plastics unless otherwise noted. See Note 7, Discontinued Operations to the Notes of the Financial Statements.

On October 2, 2017, Griffon acquired ClosetMaid. ClosetMaid, founded in 1965, is a leading North American manufacturer and marketer of wood and wire closet organization, general living storage and wire garage storage products and sells to some of the largest home center retail chains, mass merchandisers, and direct-to-builder professional installers in North America. The accounts of ClosetMaid, affected for preliminary adjustments to reflect fair market values assigned to assets purchased and liabilities assumed, are included in the Company’s consolidated financial statements from the date of acquisition.

On June 4, 2018, Clopay acquired CornellCookson, a leading US manufacturer and marketer of rolling steel door and grille products designed for commercial, industrial, institutional and retail use. The accounts, affected for preliminary adjustments to reflect fair market values assigned to assets purchased and liabilities assumed, and results of operations of CornellCookson, are included in the Company’s consolidated financial statements from the date of acquisition.



	For the Years Ended September 30,
REVENUE	2019		2018		2017

Consumer and Professional Products	$	1,000,608	$	953,612	$	545,269
Home and Building Products	873,640		697,969		568,001
Defense Electronics	335,041		326,337		411,727
Total consolidated net sales	$	2,209,289	$	1,977,918	$	1,524,997

Griffon evaluates performance and allocates resources based on each segment's operating results from continuing operations before interest income and expense, income taxes, depreciation and amortization, unallocated amounts (primarily corporate overhead), restructuring charges, loss on debt extinguishment and acquisition related expenses, as well as other items that may affect comparability, as applicable (“Segment Adjusted EBITDA”).



	For the Years Ended September 30,
	2019			2018			2017
Segment Adjusted EBITDA:
Consumer and Professional Products	$	90,677		$	77,061		$	45,002
Home and Building Products	120,161			100,339			81,764
Defense Electronics	35,104			36,063			45,931
Segment Adjusted EBITDA	245,942			213,463			172,697
Unallocated amounts, excluding depreciation	(46,302		)	(45,343		)	(41,918		)
Net interest expense	(67,260		)	(63,871		)	(51,449		)
Depreciation and amortization	(61,848		)	(55,803		)	(47,878		)
Acquisition contingent consideration	1,646			—			—
Acquisition costs	—			(7,597		)	(9,617		)
Special dividend charges	—			(3,220		)	—
Cost of life insurance benefit	—			(2,614		)	—
Secondary equity offering costs	—			(1,205		)	—
Contract settlement charges	—			—			(5,137		)
Income before taxes from continuing operations	$	72,178		$	33,810		$	16,698



	For the Years Ended September 30,
DEPRECIATION and AMORTIZATION	2019		2018		2017
Segment:
Consumer and Professional Products	$	32,289	$	30,816	$	25,207
Home and Building Products	18,334		13,717		11,340
Defense Electronics	10,667		10,801		10,851
Total segment depreciation and amortization	61,290		55,334		47,398
Corporate	558		469		480
Total consolidated depreciation and amortization	$	61,848	$	55,803	$	47,878

CAPITAL EXPENDITURES
Segment:
Consumer and Professional Products	$	17,828	$	23,040	$	14,259
Home and Building Products	16,498		13,547		10,217
Defense Electronics	10,492		10,941		8,204
Total segment	44,818		47,528		32,680
Corporate	543		2,610		2,257
Total consolidated capital expenditures	$	45,361	$	50,138	$	34,937



ASSETS	At September 30, 2019		At September 30, 2018		At September 30, 2017
Segment assets:
Consumer and Professional Products	$	1,070,510	$	1,221,143	$	879,452
Home and Building Products	571,216		410,488		204,651
Defense Electronics	347,575		346,907		343,445
Total segment assets	1,989,301		1,978,538		1,427,548
Corporate	82,429		103,112		71,980
Total continuing assets	2,071,730		2,081,650		1,499,528
Assets of discontinued operations	3,209		3,240		374,013
Consolidated total	$	2,074,939	$	2,084,890	$	1,873,541

Revenue from contracts with customers is disaggregated by end markets, segments and geographic location, as it more accurately depicts the nature and amount of the Company’s revenue.



	For the Year Ended September 30, 2019
Residential repair and remodel	$	140,369
Retail	528,279
Residential new construction	58,709
Industrial	45,129
International excluding North America	228,122
Total Consumer and Professional Products	1,000,608
Residential repair and remodel	439,287
Commercial construction	335,339
Residential new construction	99,014
Total Home and Building Products	873,640
U.S. Government	211,405
International	105,705
Commercial	17,931
Total Defense Electronics	335,041
Total Consolidated Revenue	$	2,209,289



	For the Year Ended September 30, 2019
Revenue by Geographic Area - Destination	Consumer and Professional Products		Home and Building Products		Defense Electronics		Total
United States	$	690,772	$	820,396	$	226,095	$	1,737,263
Europe	63,284		109		36,915		100,308
Canada	72,327		$	39,472	10,568		122,367
Australia	165,291		16		3,712		169,019
All other countries	8,934		$	13,647	57,751		80,332
Consolidated revenue	$	1,000,608	$	873,640	$	335,041	$	2,209,289



	For the Years Ended September 30,
REVENUE BY GEOGRAPHIC AREA - DESTINATION	2018		2017
United States	$	1,521,187	$	1,164,958
Europe	102,814		67,048
Canada	123,341		106,080
Australia	166,980		124,757
All other countries	63,596		62,154
Consolidated revenue	$	1,977,918	$	1,524,997




	For the Years Ended September 30,
LONG-LIVED ASSETS BY GEOGRAPHIC AREA	2019		2018		2017
United States	$	576,930	$	612,294	$	358,795
Canada	32,013		33,884		36,383
Australia	30,228		33,288		35,917
United Kingdom	46,550		24,892		4,144
Mexico	6,876		7,017		—
All other countries	1,368		1,975		2,023
Consolidated long-lived assets, net	$	693,965	$	713,350	$	437,262

As a percentage of consolidated revenue from continuing operations, CPP sales to The Home Depot approximated 28% in 2019, 29% in 2018 and 28% in 2017; HBP sales to The Home Depot approximated 13% in 2019, 16% in 2018, and 18% in 2017; and Defense Electronics aggregate sales to the United States Government and its agencies approximated 10% in both 2019 and 2018, and 18% in 2017.